FKLI Daily Commentary for 8th Apr 2010

FKLI Apr Futures contract traded marginally 1.5 point lower to close at 1343 levels as compare to previous trading session to with a total of 3,519 lots traded in the market. Another sideways trading days for FKLI as regional indices were again traded mix during trading sessions.
FKLI mainly consolidated within range from 1346 and 1344 regions during entire trading sessions. Technically, FKLI seems form a symmetric triangle in the hourly price chart where support trend line seen at 1341.5 while resistance trend line seen at 1350 regions. However, resistance level still seen at 1353 and 1359 regions based on wave count while support levels seen at 1340 and 1335 must not be violated in order uptrend to resume for short term trading.